Has Sterling Finally Reached a Top?

[I][U]Technical:[/U][/I] [B]GBP/USD[/B]
[B]Resistance:[/B] 2.0400
[B]Support:[/B] 1.9800
Strong resistance has formed at the 26-year high of 2.0370, testing top Bollinger Band.

Meanwhile, the Relative Strength Index (RSI) readings continue to indicate overbought levels. With fresh 26-year highs, classic technical analysis states that previous resistance levels will emerge as new support zones. Traders note this development and place stops in accordance to this rule using Fibonacci levels as a guide.

See Daily Technicals for more details